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Small business planning. 22 listings remaining next update
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Free business research
Doing business research?
Our expert forum provides you insight,
tips and practical research ideas that have helped many
successful internet businesses. Click
here
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Business market research
Internet Market Research the Key to Understanding Your Target
Market by ian
Williamson
As an entrepreneur, you need to understand your market before
starting your business or before proposing a new product or service.
Internet Market Research is an appropriate tool for such a task.
Using this tool can help you carry out your market research at
a very reasonable cost.
The definition of a business’ marketing policy is essential for
its development and success. The quality of such a definition
depends on the quality of the target market research. In addition
to providing a better understanding of the market, such research
will also facilitate the development of a quality business plan
and help you reach your business goals.
Until recently, most small businesses were unable to carry out
market research, often because of the high cost. However, the
emergence of new research techniques has made market research
much more accessible and affordable.
Internet Market Research is such a technique. It has become much
more reliable, in contrast to previous years. In fact, thanks
to the large growth of the number of Internet surfers and advanced
data collection techniques, market research companies now have
more opportunities than ever to obtain representative samples
for their target market. Research quality depends considerably
on such samples. As of 2005, according to the "European Association
of Marketing Study and Research" (ESOMAR), two-thirds of the quantitative
research was carried out on the Internet.
The use of the Internet as a means of data collection simplifies
the market researchers’ work. It allows for a considerable reduction
in delays and costs, and makes such research financially affordable
to small business and home business.
Example - Someone interesting in writing about business travel
would need to study the market before starting to work. The writer
would need to evaluate the market and discover exactly what audience
and topics each magazine, e-zine, newspaper, etc. targets. The
writer could then order a poll on the Internet - at a very reasonable
price - that researches the needs and interests of business travelers,
such as the destinations they visit and services they require.
Having such market knowledge can greatly increase the writer’s
chance of getting published.
Some of the key advantages of Internet Market Research are as
follows:
- attract rare, high-demand markets with precision and accuracy
- transfer all types of documents (photos, pictures, sounds, etc.)
- tap into remote target markets (essential for an export business)
- tap into a wealth of private and business research panel information
The final evaluation of the information collected by your Internet
Market Research should provide the following benefits:
- identify the needs and expectations of your current and potential
customers
- understand the evolution of the customer’s purchasing habits
- discover your competition’s strong and weak points
The improved understanding of your market will enable you to refine
your range of products and services, and improve the distribution
and communication policies of your business. You will soon be
attracting new customers, maintaining current customers, and reaching
your business goals.
For more
Internet Marketing Articles by Ian Williamson please visithttp://www.real-articles.com/Category/Web/89
Article Source: ArticleRich.com
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